Hello everyone,
I finally was assigned a negotiatior from our situation which is a 30 year interest only loan. It's actually two loans one with an interest rate of 6.75% and the other with a rate of 10.375%. We have to call her with all our income and expenses to determine what we would qualify for. She did mention possibly a re-payment plan in which we would make the minimum monthly payment and at the end of the four months the amount that we did not pay would be added to the balance of the loan. At that time our loan would be sent over for review again to see if we qualify for any programs to have our loan modified. My only concern is if we don't qualify for any new programs our mortgage payment could possibly be higher because of the balance increasing. Does anyone have any experience with this type of re-payment plan under our situation and what happened? I don't want to take the risk if it could hurt us in the long run.....can anyone offer any assistance or advice?
